Ether, (ETH) is the second cryptocurrency based on blockchain technology that we will tackle. Founded by Vitalik Buterin, a Russian-Canadian programmer and launched just one year ago, Ethereum already has a total value of about $1 billion, second only to Bitcoin's $10.5 billion among the world's hundreds of cryptocurrencies.
Ethereum applications are built with the use of smart contracts - computer algorithms which execute themselves, based on incoming data from the network. The self-fulfilling nature of such applications allows them to run without reliability issues associated with human operators or trusted third party to enforce them. Smart are executed by machines making them efficient and reliable.
Ethereum Classic is one of two separate versions of Ethereum's Blockchain, the other being Ethereum itself. The split occurred after The DAO, a decentralized autonomous organization based on Ethereum, got hacked in June 2016, and $50 million worth of its funds were stolen. Because The DAO was crowdfunded, this event has resulted in a large number of people losing their stakes. After several weeks of heated debate, the community has decided to conduct a "hard fork" of Ethereum's Blockchain in order to "code" the stolen money back to its owners. In order to perform the hard fork, the majority of the users had to simultaneously take all the transaction records prior to the point of the hacking, and start anew from there, while discarding all transactions which have happened after that, including the hackers'. That doesn't mean that anything has happened to the previous version of the Blockchain - on the contrary, the hardfork resulted in two versions existing simultaneously: Ethereum (ETH), which is the new one, and the old one, which was renamed Ethereum Classic (ETC).
Several internet articles claim that Ethereum activity is very heavy in South Korea, up to 10% of all Ethereum activity. Could be just traders or some sort of corporate involvement.
Recent Bitcoin and Ethereum activity in South Korea
Currency Price 24hour volume ($) 24 hour Percentage (%)
Bitcoin (BTC) $1330.06 $6,719,420 58.99 %
Ethereum (ETH) $19.86 $4,444,800 39.02 %
Classic (ETC) $1.46 $227,360 2.00%